Accounting for Dentists

Running a dental practice is very demanding. You have to deal with public health issues and stringent industry regulations not to mention
patients who fear the drill and sometimes the 'pain' of the bill. The profession also presents challenges like mounting accounts receivable,
staff retention and technological advancements. Let's face it, some days running the practice is a bit like 'pulling teeth'.

Over the past 15 years our team of accountants have mentored a number of dentists and allied oral health care professionals through the
various stages of their business life cycle, from start up right through to sale of their dental business. Lou says, the dental and
accounting professions have a lot in common. "We both deal with the public and in
many cases handle the needs of generations of families. The paralells don't stop there as trust is a key ingredient for success and we both
heavily rely on referrals for growth."

THINKING OF STARTING A DENTAL PRACTICE

Dentists are one of our specialist client groups and having mentored hundreds of business owners through the start-up phase of their
business we have built a reputation a business start-up specialists.

I
f you are looking to start a business as a dentist or buy into an existing business, there are numerous issues to consider. You need to
establish your business structure, complete tax and GST registrations, consider insurances, select an accounting software program and
possibly explore your finance options. It can be a maze of issues but as accountants and business advisors we can assist you in all of these
areas plus provide advice on the preparation of a business plan, marketing plan and a cash flow budget. If you are contemplating employing
staff we can also assist you with human resource matters including payroll, WorkCover and superannuation guarantee obligations.

Over the past two decades our team of accountants have helped dozens of dentists get their business off to a flying start. We offer you
experience, technical tax knowledge, marketing expertise and most importantly, an intimate understanding of the dental industry.

Starting a business is a bit like building a house that requires solid foundations. In a business sense these foundations include the right
tax structure and accounting software, adequate and appropriate insurances together with a marketing plan and a lead generation website.
Your choice of business structure is absolutely critical and there are a number of different options including sole trader, partnership,
company and trust. When selecting the most appropriate structure for your business we always recommend you ‘start with the end in
mind’ because Australian tax laws are complex and changing your business structure at some point in the future can trigger a capital
gains tax event that could prove very costly.

Whenever we provide advice on business structures we always take into account:

Income Tax Minimisation

Maximize Asset Protection

Allow for the Admission of New Business Partners or Investors

Comply with all Legal Requirements in your Industry

The Risk Profile of Your Industry

Consider Future Entitlement to Discount Capital Gains Tax Concessions

As a consequence, we often find the business structure is a compromise based on the relative importance of each of these issues.

Another brick in your business foundations is your choice of accounting software. Poor record keeping is one of the biggest causes of
business failure in this country and up to date, accurate financial records let you to make informed business decisions. The wrong choice of
software can be catastrophic and too often we find business owners produce what we describe as ‘computerised shoebox’ records
that cause frustration, waste time and create additional fees. This conflicts with our mission of helping you slash the time and cost
associated with bookkeeping and GST compliance.

Here at Aspire Wealth Group, we want to be your accountants and business advisors, not just an expensive bookkeeping service. We do more
than ‘keep the score’ for our clients and when selecting the most appropriate accounting software for your business we
always recommend you match your business needs with your level of accounting skill. You’ll find we support a range of different
software options but we do have a preference for cloud based solutions like Xero because of their
flexibility and the fact that you can access your financial data via the internet and invite your accountant or bookkeeper to view your
accounts at the same time. This means you can get bookkeeping support and valuable advice in real-time. You can also log-in anytime,
anywhere on your Mac, PC, tablet or smart phone to get a real-time view of your cash flow. Your data is automatically backed up and users
have access to the latest version of your financial data plus you never need to worry about installing software or program updates.

To build a house you also need the right tools and when 'constructing' your business we have developed a number of tools including a start-up
expense checklist broken
down into various categories including:

This checklist will help you identify all your potential establishment costs and these figures then feed through to our cash flow budget
template and allow us to produce a projected profit and loss statement for your first year of trading. These reports can also tuck neatly
into our business plan template that is designed to help you secure funding from external sources like a bank.

For a dentist, your vehicle is arguably your most important business tool. To learn more about the alternative methods of claiming your
vehicle expenses and the distinction between a business and private trip, you can read our Motor
Vehicle Tax Guide.
In addition, through our affiliate partners we can also assist with vehicle finance
(chattel mortgage, CHP or lease) and get you fleet pricing on your new car, ute or light commercial van that could save you thousands of
dollars. Through another affiliate group we can also help you source funds to finance your business purchase, equipment or where applicable,
your franchise fee.

In summary, if you're contemplating starting a business you don't need to reinvent the wheel as we have all the tools and resources to help
you get off to a flying start. In fact, that’s just the beginning because as accountants we can do some financial modelling and
prepare some ‘what if’ calculations based on different price points so you know your business’ best and worst case profit
scenarios. Next, using industry benchmarks we can compare the performance of your dental practice against your competitors so you understand
what is working in the business and what areas need working on.

MARKETING YOUR DENTAL PRACTICE

As accountants we operate in a very crowded and competitive industry. We recognise the fact that your marketing
could be the difference between gloom and boom and while we have a small firm personality, we have big firm capabilities. One feature that
distinguishes us from other accounting firms is our marketing expertise.

Most dentists rely on their reputation and referrals to grow their business. While these ingredients certainly remain important in the
digital age, you need to shift your marketing focus online. Increasingly local searches like ‘Dentist Ivanhoe’ are driving
traffic to your website which is often the first touch point with a potential new customer. As you know, in business, you only get one
chance to make a good first impression and your website is your 'online shopfront' and silent sales person working 24/7 to promote your
business.

Over the past few years we have worked with dozens of clients to help them create quality, affordable lead generation websites that are
responsive to smart phones and tablets. We can help you plan and build your website, optimise it for Google and the other search engines
plus assist you with your content creation including video production and digital publishing. If your website is missing features like lead
magnets, calls to action or landing pages we'll help you build them plus we'll also introduce you to strategies like re-marketing and search
engine optimization to drive more traffic to your website.

Your brand should resonate with your target market and we can assist you with the development of your business name, logo and slogan, your
corporate brochure plus we can help you write blogs and newsletters plus help you harness the power of social media to win more referrals.
If you aren’t using some of these marketing techniques your business probably won't reach its full profit potential.

We will help you understand the four ways to grow a business plus identify the key
profit drivers in your business. We can walk you through a number of profit improvement strategies and even quantify the profit improvement
potential in your business. Our role is to make sure you know your numbers and don't leave any profit or tax savings on the table.

That’s really just the beginning because as accountants we can do some financial modelling and prepare some ‘what if’ calculations. This lets us project your business’ best and worst case profit scenarios. Next, using industry benchmarks we can compare the performance of your dental practice against your competitors so you understand what is working in the business and what needs working on.

Our mission is to fast track your business success and the team at Aspire Wealth Group offer you a range of accounting, taxation, marketing and business coaching services including:

In summary, we are so much more than just tax accountants. We are business and profit builders who strive to deliver practical, cost effective advice that could give you a serious competitive edge in your industry. Our marketing strategies are designed to help you grow your business and your profits and over the past 15 years dentists have become a niche area within our firm.

Our marketing skills distinguish us from other accounting firms in Ivanhoe and if you're a committed and ambitious business owner looking to accelerate your success we invite you to book a FREE, one hour introductory consultation to discuss your business needs. You can expect an hour of practical business, tax, marketing and financial advice that could have a profound effect on your future business profits. To book a time, contact us today and let's get to work on your business so it's more profitable, valuable and saleable.

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